Saturday, 1 September 2012

Kelowna Real Estate Sales Update September 2012

Hi All,

After a busy 3 months, August 2012 saw a reduction in residential real estate sales. This is quite normal, as August is traditionally a time when many people focus on holidays rather than buying a home.  

During the last week in August I certainly experienced an increase in enquiries from people thinking of buying a property in the coming couple of months, so it is highly possible that we will experience a busy September and October, particularly if the weather stays good.

  Central Okanagan Sales Figures August 2012


Date
Total
S/Fm
Strata
Lots
Manuf
Aug - 12
380
205
136
22
17
 Jul - 12
409
232
131
31
15
Jun  -12
410
235
142
19
14
May -12
419
223
154
23
19
    Aug -11
276
145
103
17
11

As you can see numbers are well up on last year. Highlights for August - there were 18 sales last month over $1 million, and 55 of the 205 (26%) single family home sales were sales over $550,000. Compared to 52 of the 233 (22%) single family home sales in July. 

I suspect that this will be as a result of continued activity from 'out of town' buyers who were shown to be buying recreational and investment properties in last months Buyers Survey Results, for the Central Okaganan. It will be important to watch the Buyers Survey results for at least the next couple of months, to see whether the change in Mortgage Lending Rules has affected First Time Buyer Sales.

Ongoing Okaganan Housing Outlook.

I am finally starting to read more positive things about the local Real Estate Market, in the media, and it has been interesting that they have made specific mention of BC's Interior. More 'robust demand in the Interior', was the comment in  the latest BC Real Estate Association Housing Forecast, for Quarter 3, and in the Globe and Mail this week-  "The region’s established popularity with vacationers mean the values to be had now will look good well into the future." 

To Buyers - I realise this is no basis on which to form a buying decision, but you have been warned ( from various sources), that interest rates will never be better and average house prices, in the Okaganan, are likely to start to rise in 2013.

To Sellers - if  you are still thinking of selling your property this year, it isn't too late, so please feel free to give me a call and I will be happy to provide you with an up to date Market Analysis.

And Finally.. You may have noticed I have changed my website around this month. If you have any feedback of additional things you would like to see, to help you with your buying and selling decisions, please feel free to telephone or email me, as I would love to hear from you!!

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

3 comments:

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